Barclays told to hand over names of staff implicated in Libor rate setting

Barclays has been told by a High Court judge to hand over documents, emails and other details of 42 staff implicated in the setting of crucial interest rates.

The order comes as part of Britain’s first lawsuit linked to the alleged manipulation of Libor. In a pre-trial hearing in London’s High Court, Mr Justice Flaux also told the bank to hand over minutes of board meetings.

This could potentially heap fresh embarrassment on former chief executive Bob Diamond, who resigned over the rate rigging scandal, as well as other senior Barclays staff.

Lawsuit: Barclays has been told to hand over details relating to Libor rate setting

Guardian Care Homes, a residential care home operator based in Wolverhampton, is suing the bank for up to £37m over the alleged mis-selling of interest rate hedging products, which were based on Libor rates.

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Barclays was fined £290m for rigging these rates, which are also used to set mortgages.

The 42 staff were part of a list of 208 people who were included in documents or emails that were part of the regulatory investigation into the bank’s manipulation of Libor.

The individuals have 14 days to persuade the judge not to publish their names before the trial take place.

In a statement, Barclays said: ‘The directions given are consistent with Barclays’ proposal to the court to manage disclosure in these proceedings in an effective and proportionate manner,’ Barclays said in a statement. The case is expected to go to court in October 2013 or later.